The long pending Real Estate (Regulation and Development) Bill 2013 is finally passed from the cabinet, making it beneficial in establishing a layer of protection for home-buyers from unprincipled builders. However the bill will only consider residential buildings and the commercial sector is out of the screen. The bill will furnish stringent regulations for builders in their construction and sales procedure.For private builders, the registration and sales can only be started after obtaining necessary clearances. It’s mandatory to get it for every project to do any transaction of immovable property. The builders should also stay transparent in revealing details such as credentials of promoters, layout plan, land status, carpet area, number of apartments booked and status of statutory approvals to a buyer without any extra effort. This will aid a buyer in escaping from fraudulent property transactions.Misleading the buyers would be an offence. It can lead upto 10% of project cost or in cases of repeated offence, jail can be the only option left.Few of the agendas of the bill are as follows:
- The regulatory bodies will be set up in every state as per the bill.
- Private developers can advertise only after obtaining clearances and sell after proper registration.
- Carpet area should be considered while selling of houses
- All project details must be publicly disclosed
- Builders have expressed their nod for the bill but are contemplating if this might delay the projects and prove to be anti-development.